Union Cabinet approves Varishtha Pension Bima Yojana 2017

The Varishtha Pension Bima Yojana 2017 is a part of Union Government’s commitment for financial inclusion and social security.

Created On: Jan 24, 2017 16:04 IST

The Union Cabinet, presided by the Prime Minister Narendra Modi, on 24 January 2017 gave its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017).

The Varishtha Pension Bima Yojana 2017 is a part of Union Government’s commitment for financial inclusion and social security.

Top 300 CA eBook

Key highlights of the Varishtha Pension Bima Yojana 2017

The Life Insurance Corporation of India (LIC) will implement the VPBY 2017 during the current financial year.

The scheme aims at providing social security during old age and protecting elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.

It will provide an assured pension based on a guaranteed rate of return of 8 per cent per annum for ten years.

The scheme also has an option to opt for pension on a monthly/quarterly/halfyearly and annual basis.

The difference between the return generated by LIC and the assured return of 8 per cent per annum will be borne by Government of India as subsidy on an annual basis.

The scheme is proposed to be open for subscription for a period of one year from the date of launch.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

9 + 5 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    • Current Affairs PDF May 2021
    • Current Affairs PDF April 2021
    • Current Affairs PDF March 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    • Current Affairs Quiz PDF May 2021
    • Current Affairs Quiz PDF April 2021
    • Current Affairs Quiz PDF March 2021
    View all